N.Y. Workers Comp Trusts Return $3M

July 28, 2005

Compensation Risk Managers, LLC, a national manager of self-funded workers’ compensation insurance programs, announced that three of its trusts in New York state produced dividends of nearly $3.2 million in 2004.

The more than 1,200 members of these trusts, which include Elite Contractors Trust of New York (ECTNY), Transportation Industry Workers Compensation Trust (TIWCT) and New York State Cemeteries Trust (NYSCT), recently received dividends.

The trusts combined represent $48 million in 2004 premiums.

ECTNY, which produced dividends of $2.5 million, serves New York contractors and their employees, such as plumbers, carpenters, masons, laborers and related construction trades.

TIWCT, which produced dividends of $500,000, is offered to New York transportation-related professionals, such as truck or bus drivers, garbage collectors, livery employees, parcel or package deliverers, messengers, and salespersons or other industry-related employees.

NYSCT, which produced dividends of $175,000, is available to New York cemetery operators, including executive officers, clerical employees, excavators, landscapers and salespeople.

CRM presently offers trust-based workers’ comp products to more than 1,900 businesses across New York state in many major industry sectors. Currently, the CRM trusts have gross written premiums of $180 million, including the New York and California programs.

Trusts are associations of employers that have been grouped together to provide statutory workers’ comp insurance benefits to their employees. Trusts are subject to financial and operating guidelines enforced by the New York State Workers’ Compensation Board.

Compensation Risk Managers LLC (CRM) is based in Poughkeepsie, N.Y.

Was this article valuable?

Here are more articles you may enjoy.